Cleanspark Achieves Record Profitability While Battling Major Tariff Challenge

Cleanspark’s second quarter results paint a picture of explosive growth tempered by regulatory headwinds. The bitcoin mining giant’s bottom line hit $257.4 million—a dramatic swing from a $236.2 million loss in the same quarter last year. Revenue climbed to $198.6 million, reflecting a 90% year-over-year surge from $104.1 million.

CEO Zachary Bradford’s Strategic Wins

The company’s turnaround reflects deliberate operational choices. CEO Zachary Bradford highlighted that Cleanspark now holds over $1 billion in Bitcoin treasury—accumulated without diluting shareholders through equity raises since November 2024. Under Bradford’s leadership, the firm commands 5.8% of global Bitcoin hashrate with more than 1 GW of power infrastructure secured. These metrics underscore Cleanspark’s position as a major player in the mining sector.

The $185M Tariff Cloud

Yet success carries complications. The U.S. Customs and Border Protection (CBP) has levied tariff claims totaling around $185 million against Cleanspark, contending that certain mining rigs imported between April and June 2024 originate from China. If CBP’s position holds, retroactive duties could apply to all equipment imported since April 2024.

Cleanspark has rejected these allegations outright. In regulatory filings, the company stated: “The Company believes the CBP allegation of Chinese origin on its imported miners to be without merit and intends to defend against these charges vigorously.” The dispute could significantly erode recent gains if resolved unfavorably.

Broader Industry Impact

Cleanspark isn’t alone. Competitor IREN faces a parallel $100 million tariff bill for rigs imported between April 2024 and February 2025, also disputing the Chinese origin designation. This pattern suggests potential sector-wide ramifications as regulators scrutinize mining equipment provenance—a development that could reshape supply chains and equipment costs across the industry.

The combination of record profitability and unresolved regulatory uncertainty defines Cleanspark’s current position: operationally thriving but politically vulnerable.